DOJ, SEC Investigating SVB Collapse
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 15 March 2023
⏱️ 10 minutes
🧾️ Download transcript
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Show links:
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning. Today is Wednesday, March 15th, and I'm your host Julie Morgan. |
| 0:12.0 | Regulators are investigating insider stock sales |
| 0:14.9 | following the collapse of Silicon Valley Bank. The former president and |
| 0:19.1 | CEO sold millions of dollars in shares of S.IVB weeks before it's collapsed. |
| 0:25.4 | Tik-Toc is looking at splitting from bite dance if they cannot reach an agreement with the |
| 0:30.0 | U.S. over national security concerns. This option would be a last resort. |
| 0:36.0 | And Meta platforms is reducing its workforce again, this time by 10,000 jobs. The Facebook |
| 0:42.4 | parent company also will not fill 5,000 open positions. |
| 0:48.0 | Our top story. U.S. regulators are investigating the failure of Silicon Valley Bank, |
| 0:53.6 | including potential misconduct by officers |
| 0:56.5 | over insider stock sales. |
| 0:58.6 | The early stage reviews are being conducted |
| 1:00.9 | by prosecutors in the Justice Department's fraud section, the U.S. Attorney's |
| 1:05.2 | Office for the Northern District and the Securities and Exchange Commission. |
| 1:09.6 | According to Bloomberg, which cited a person familiar, no one at the bank has been accused of any wrongdoing |
| 1:15.4 | and it's possible no one is charged. |
| 1:17.8 | As VB Financial President and CEO Gregory Becker sold almost 3.6 million dollars of SIBB shares, |
| 1:25.4 | about two weeks before the company's Silicon Valley Bank failed. |
| 1:29.2 | It has been confirmed that it was Goldman Sachs who purchased a portfolio of securities with a book value of $23.97 billion last week before the bank was shut down by the FDIC. |
| 1:42.0 | The sale of the portfolio to Goldman resulted in a net loss for Silicon |
| 1:46.2 | Valley Bank of about $1.8 billion. Meanwhile, the Federal Reserve is evaluating tougher rules for mid-sized banks after the failures of Silicon Valley Bank and signature bank. |
... |
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